Pound Sterling (GBP) Exchange Rate Stabilises Following Punishing Week of Trade
The Pound (GBP) finally found some stable ground on Friday, but still suffered its worst week of trade since May after it was hammered through the session by a run of lacklustre data.
This string of gloomy data has left considerable doubt over whether the Bank of England (BoE) will push through with a hike next month and was the driving force behind much of Sterling’s losses.
With no high-impact data released scheduled for this week, the focus for investors is now likely to turn back towards Brexit, potentially driving further losses in the GBP exchange rate if progress remains slow.
GBP/EUR Exchange Rate Steady as German PPI Figures Published
The Pound Euro (GBP/EUR) exchange rate traded in a narrow range on Friday, with a lull in data leading to muted activity.
The only release of note was Germany’s latest Producer Price Index (PPI), although even another healthy lift in producer prices failed to prompt much of a reaction from the single currency.
Meanwhile the Euro is expected to fall back this afternoon with analysts forecasting that Brexit uncertainty and growing trade war fears will have driven a fall in consumer confidence this month.
GBP/USD Exchange Rate Soars as Trump Lashes Out at China and the EU
The Pound US Dollar (GBP/USD) exchange rate rose by around half a cent at the tail end of last week’s session, with markets dumping the ‘Greenback’ as President Donald Trump ratcheted up his criticism of China and the EU.
This time his sights were set on monetary policy as he accused them of leaving their interest rates low to gain a competitive edge over the US.
Looking ahead the US Dollar may continue to retreat at the start of this week’s session as data is expected to reveal a drop in existing home sales last month.
GBP/CAD Exchange Rate Sinks as Canadian Data Impresses
The Pound Canadian Dollar (GBP/CAD) exchange rate fell close to a two-month low on Friday, with the ‘Loonie’ finding considerable support from Canada’s latest inflation and retail sales figures, both of which printed higher than expected.
GBP/AUD Exchange Rate Fluctuates Following Trump Outburst
The Pound Australian Dollar (GBP/AUD) exchange rate was hit by considerable volatility on Friday, trading in a range of around half a cent as Trump’s tirade on Twitter prompted risk appetite to fluctuate.
GBP/NZD Exchange Rate Rocked by USD Weakness
The Pound New Zealand Dollar (GBP/NZD) exchange rate met a similar fate to GBP/AUD at the tail end of last week’s session, with the downturn in the US Dollar prompting considerable shifts in market activity.